In this episode: the PLDF and IDR waiver, irreversible decisions, and action steps.

This week we are re-joined by friend of the podcast, Tim Hornsby, to discuss some updates and deadlines pertaining to student loan forgiveness. While the thought of paying off student loans can feel daunting, there may actually be some ways to mitigate the stress entirely! Though this episode may not pertain to your situation specifically, we believe it can act as a resource for some you may know, or others on this journey who are looking to clean up their loan situation.

Travis Hornsby:

Website: studentloanplanner.com Timestamps:

1:14 – Introduction/Where Are We Today? 9:45 – Irreversible Decisions 11:55 – The PSLF and IDR Waiver 17:34 – $300 vs $1500 a month 23:30 – Searching and Patience, What Are The Action Steps? 31:33 – Conclusion

Resources Mentioned In Today’s Episode:

The Student Loan Reset | The Student Loan Planner | ChooseFI Ep 391 Federal Student Aid Book Your Custom Student Loan Plan Subscribe to The FI Weekly!

More Helpful Links and Resources:

Earn $1,000 in cashback with ChooseFI’s 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance…(read more)

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Student loan forgiveness can be a lifesaver for many individuals who have difficulty paying off their student loans. However, there are some requirements to be met before you qualify for student loan forgiveness. One essential requirement is being old enough to be considered as a senior citizen.

According to Travis Hornsby, the founder of Student Loan Planner, an individual qualifies for student loan forgiveness at age 65. However, some loan servicers consider individuals who have worked in certain fields, such as public service or teaching, to be eligible for loan forgiveness at age 55.

If you are not yet at the age where you qualify for loan forgiveness, there are still some options available to you. For example, you can consider consolidating your loans to simplify your payments and potentially reduce your interest rate. You can also consider refinancing your loans, allowing you to take advantage of lower interest rates and potentially save money.

Alternatively, you can consider income-driven repayment plans, which allow you to make payments based on your income. This can be helpful if you are struggling to make payments on your loans, as it can reduce your monthly payment and make it more affordable.

In conclusion, being old enough for student loan forgiveness is an important factor in determining your eligibility for forgiveness programs. However, there are still options available to you if you do not yet qualify for forgiveness. It is important to speak to a financial advisor or loan servicer to understand your options and find the best course of action for your specific situation.